The Government of Kyrgyz Republic approved its Strategy to enhance and develop financial reporting and auditing framework in the Kyrgyz Republic until 2020, setting forward an ambitious reform to modernize and strengthen corporate financial reporting policies and practices, increasing confidence and transparency of Kyrgyz businesses. To support the Government of Kyrgyz Republic on this ambitious goal, the World Bank’s Centre for Financial Reporting Reform (CFRR) is initiating technical assistance focusing on audit and reporting enhancement in the country.

In September 2017, the State Service for Regulation and Supervision of Financial Markets of Kyrgyz Republic and the World Bank’s CFRR launched the respective technical assistance project aimed at improving quality of audit and financial reporting in Kyrgyz Republic, which is implemented with generous financial support from the Swiss State Secretariat for Economic Affairs (SECO).

On 16-17 September 2019, the World Bank’s CFRR hosted an event focusing on Professional Accountancy Organizations and Accounting Education Reforms:
The event brought together representatives of Universities, Professional Accountancy Organizations, regulators and other stakeholders in Kyrgyz Republic to discuss the framework and objectives of reforms relating to accounting education and professional development.

The event included:

  • Several sessions dedicated to IFRS and IFRS for SMEs,
  • Two sessions on curriculum design and examination setting,
  • A presentation of The Chartered Global Management Accountant (CGMA) competency framework and the Chartered Institute of Management Accountants (CIMA) Program